AZ SB1844

Amends Arizona Revised Statutes section 43-1022 to add a new subtraction from Arizona gross income for contributions to ABLE accounts (Achieving a Better Life Experience accounts) established under section 529A of the Internal Revenue Code.

Allows a subtraction of up to $2,000 per beneficiary for single individuals or heads of household, and up to $4,000 per beneficiary for married couples filing joint returns, for ABLE account contributions made during the taxable year.

Permits married couples filing separate returns to claim the subtraction individually or divide it between them, provided the combined subtraction does not exceed $4,000 per beneficiary.

Applies retroactively to taxable years beginning from and after December 31, 2020.

Becomes effective upon approval by the Governor on June 30, 2021.